1 answer

Garrett Company has the following transactions during the months of April and May: Date Transaction Units...

Question:

Units Cost/Unit 500 200 $5.30 150 Date Transaction April 1 Balance 17 Purchase 25 Sale 28 Purchase May 5 Purchase 18 Sale 22Garrett Company has the following transactions during the months of April and May:

Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase 200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions.

Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives:

FIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ FIFO perpetual Cost of Goods Sold Ending Inventory April $ $ May $ $ LIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory April $ $ May $ $ Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar.) Cost of Goods Sold Ending Inventory April $ $ May $ $ Moving average (Round unit costs to 2 decimal places and final answers to the nearest dollar.) Cost of Goods Sold Ending Inventory April $ $ May $ $ 2. Reconcile the difference between the LIFO periodic and the LIFO perpetual results. If an amount is zero, enter "0". April Cost of Goods Sold Ending Inventory Difference $ $ May Cost of Goods Sold Ending Inventory Difference $ $ 0

Units Cost/Unit 500 200 $5.30 150 Date Transaction April 1 Balance 17 Purchase 25 Sale 28 Purchase May 5 Purchase 18 Sale 22 Sale 100 250 5.70 5.30 300 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and UFO cost now assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: a FIFO periodic Cost of Goods Sold Ending Inventory April b. FIFO perpetual Cost of Goods Sold Ending Inventory Apell O May C O D c. LIFO periodic Cost of Goods Sold Ending Inventory April May C D d. LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory April May C D e. Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar) Cost of Goods Sold Ending Inventory April May $ $ 1. Moving average (Round unit costs to 2 decimal places and final answers to nearest dollar) Cost of Goods Sold Ending Inventory April 2. Reconcile the difference between the LIFO periodic and the LIFO perpetual results. If an amount is zero, enter" April Cost of Goods Sold Ending Inventory Differences May Cost of Goods Sold Ending Inventory Differences $ 0

Answers

Answer 2 a Periodic LIFO Cost of Goods available for sale Cost of Goods sold Inventory Balance April Month No. of Uniost perAnswer 2 b Perpetual LIFO Cost of Goods available for sale Cost of Goods sold Inventory Balance Date No. of Uniost per un Amo

As per HOMEWORKLIB POLICY I can only answer first 4 questions. Thanks!
Due to character limit I am attaching the images for solution of LIFO.
Garrett Company
Answer 1 a Periodic FIFO
April Month Cost of Goods available for sale Cost of Goods sold Inventory Balance
No. of Units Cost per unit Amount No.

Of Units

Cost per unit Cost of Goods sold No. of Units Cost per unit Inventory Balance
1-Apr     500.00          5.00 2,500.00     150.00          5.00       750.00     350.00          5.00 1,750.00
17-Apr     200.00          5.30 1,060.00     200.00          5.30 1,060.00
28-Apr     100.00          5.70       570.00     100.00          5.70       570.00
Total     800.00 4,130.00     150.00       750.00     650.00 3,380.00
So Cost of Goods sold as per FIFO is $ 750.
So ending Inventory Balance as per FIFO is $ 3380.
May Month Cost of Goods available for sale Cost of Goods sold Inventory Balance
No. of Units Cost per unit Amount No. of Units Cost per unit Cost of Goods sold No. of Units Cost per unit Inventory Balance
1-May     350.00          5.00 1,750.00     350.00          5.00 1,750.00              -            5.00                -  
1-May     200.00          5.30 1,060.00     200.00          5.30 1,060.00
1-May     100.00          5.70       570.00     100.00          5.70       570.00
5-May     250.00          5.30 1,325.00     250.00          5.30 1,325.00
Total     900.00 4,705.00     350.00 1,750.00     550.00 2,955.00
So Cost of Goods sold as per FIFO is $ 1750.
So ending Inventory Balance as per FIFO is $ 2955.
Answer 1 b Perpetual FIFO
Date Cost of Goods available for sale Cost of Goods sold Inventory Balance
No.

Of Units

Cost per unit Amount No. of Units Cost per unit Cost of Goods sold No. of Units Cost per unit Inventory Balance
1-Apr     500.00          5.00 2,500.00     500.00          5.00 2,500.00
17-Apr     200.00          5.30 1,060.00     500.00          5.00 2,500.00
    200.00          5.30 1,060.00
25-Apr     150.00          5.00       750.00     350.00          5.00 1,750.00
    200.00          5.30 1,060.00
28-Apr     100.00          5.70       570.00     350.00          5.00 1,750.00
    200.00          5.30 1,060.00
    100.00          5.70       570.00
Ending Inventory     150.00       750.00     650.00 3,380.00
5-May     250.00          5.30 1,325.00     350.00          5.00 1,750.00
    200.00          5.30 1,060.00
    100.00          5.70       570.00
    250.00          5.30 1,325.00
18-May     300.00          5.00 1,500.00        50.00          5.00       250.00
    200.00          5.30 1,060.00
    100.00          5.70       570.00
    250.00          5.30 1,325.00
22-May        50.00          5.00       250.00     200.00          5.30 1,060.00
    100.00          5.70       570.00
    250.00          5.30 1,325.00
Ending Inventory     350.00 1,750.00     550.00 2,955.00
.

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